BNY Mellon ADR Index Administration and Procedures Manual. December 2012

Transcription

1 BNY Mellon ADR Index Administration and Procedures Manual December 2012

2 Administration and Procedures Manual Table of Contents I. OVERVIEW... 1 II. BNY MELLON ADR INDEX... 1 III. INDEX COVERAGE AND CONSTITUENTS... 2 IV. PRICING... 3 V. ADDITIONAL INDICES... 3 VI. MAINTENANCE POLICY AND CORPORATE ACTIONS... 4 CHANGES IN SHARES OUTSTANDING AND CAPITAL ADJUSTMENTS... 5 CONSTITUENT CHANGES... 6 FREQUENCY OF REVIEW... 7 VII. INDEX CALCULATIONS/DATA CORRECTION... 7 VIII. DISSEMINATION OF BNY MELLON DR INDICES DATA... 8 IX. ADR INDEX COMMITTEE... 9 APPENDIX A: SELECT INDICES A. ELIGIBLE SECURITIES B. SELECT INDICES C. MAINTENANCE POLICY D. REBALANCING PROCEDURES E. REVIEW FREQUENCY... 13

3 Administration and Procedures Manual 1 I. Overview The BNY Mellon ADR Index (the Index ) is designed as a benchmark for tracking the performance of Depositary Receipts and serves primarily as a: (1) Performance benchmark for portfolio managers and investors alike who invest in Depositary Receipts. (2) Performance yardstick for ADR issuers. (3) Vehicle for directing attention to the growing ADR marketplace, and (4) A continuous indicator for international market developments. The BNY Mellon ADR Index Administration and Procedures Manual serves as a general guide to the operation and administration of the Index and its numerous market, sector, regional, country, and select indices as well. II. BNY Mellon ADR Index The Index tracks the performance of U.S. Exchange-listed Depositary Receipts in American (ADR) or Global (GDR) form, New York Shares, and Global Registered Shares that are listed for trading on The New York Stock Exchange (NYSE), The NYSE MKT, and NASDAQ Stock Market (NASDAQ). The Index includes all U.S. Exchange-listed ADRs and GDRs. U.S. Exchange-listed Depositary Receipts are subject to SEC registration and disclosure requirements under the Securities Acts of 1933 and Eligible securities are evaluated to ensure their overall consistency with the character, design, and purpose of the Index, to further its use as an effective benchmark. Final decisions regarding additions to and removals from the Index are made by the ADR Index Administrator subject to periodic review by a policy steering committee known as BNY Mellon ADR Index Committee. The Index is capitalization-weighted, using an Index formula based upon the aggregate of prices times share quantities. The number of shares used in the Index calculation generally represents the entire class(es) or series of shares that trade in the local market and also trade in the form of Depositary Receipts, New York Shares, or Global Registered Shares in the United States. S&P Dow Jones Indices IWF is then applied. These are adjusted by the ADR conversion ratio and the result is multiplied by the last sale price as reported by the exchange on which they trade. The Index, which is denominated in U.S. dollars, is calculated on a price only and total rate of return basis, with the reinvestment of dividends as of the ex-dividend date. In addition to the composite Index; market, regional, sector and respective country indices are also calculated. Select indices that use the BNY Mellon ADR Composite as a base universe are described in Appendix A.

4 Administration and Procedures Manual 2 III. Index Coverage and Constituents Eligible Securities The Index is restricted to U.S. Exchange-listed Depositary Receipts, New York Shares, and Global Registered Shares representing non-u.s. and non-canadian equity securities that satisfy the coverage requirements. Non-U.S. securities generally include ordinary shares, preference shares, participation certificates, preferred stock (excluding fixed-rate and convertible types) and other such securities that represent an equity interest in a company, regardless of voting status. Warrants, debentures and other instruments with either debt or derivative characteristics are generally excluded from consideration. All U.S. Exchange-listed Depositary Receipts, New York Shares, and Global Registered Shares are eligible for inclusion in the Index, regardless of number of shares outstanding, or length of time elapsed since the date of listing. Securities are subject to a liquidity screen based on volume on their primary U.S. exchange to be included in the Index. Eligible Share Classes In general, eligible shares include one or more share classes in the event that a company s share capital is denominated in multiple classes trading in the local market that are also traded in the form of Depositary Receipts, New York Shares and Global Registered Shares in the United States. Some exceptions may apply. Ownership restrictions Generally, only the shares outstanding associated with a share class which is the basis of Depositary Receipts, New York Shares or Global Registered Shares listed and trading in the U.S. will be considered in the Index calculation. All other share classes will be excluded. Selection Criteria Eligible securities are evaluated to ensure their overall consistency with the character, design, and purpose of the Index to further its use as an effective benchmark. Final decisions regarding additions to and removals from the Index along with the weighting of the constituents are made by the ADR Index Administrator subject to periodic review by the ADR Index Committee. Shares Outstanding Definition: The number of shares used in the Index calculation generally represents the entire class(es) or series of shares that trade in the local market and also trade in the form of Depositary Receipts, New York Shares, or Global Registered Shares in the United States. S&P Dow Jones Indices IWF is then applied and these shares are adjusted by the ADR conversion ratio.

5 Administration and Procedures Manual 3 IV. Pricing All Index computations use the last sale price recorded at the primary exchange on which a security is traded, i.e., NYSE, NYSE MKT, or NASDAQ. If trading in a stock is suspended or halted, excluding bankruptcies, which will be handled on a case-by-case basis, the last available adjusted price prior to the suspension is used. V. Additional Indices Market Indices Market indices currently consist of the following markets: Emerging Markets Euroland Developed Markets Telebras Sector Indices Sector indices currently consist of the following sectors: European Oil & Gas European Telecom Latin Telecom Regional Indices Regional indices currently consist of the following regions: Europe Asia Latin America Country Indices A companies country assignment is made on a case by case basis and may be determined by several factors, primarily the place of incorporation and location of headquarters, its legal domicile, the location of the company s primary stock listing and the location where the majority of its operations occur based on revenue generated. Country indices are established whenever a sufficient number of constituents is available and listed for trading. Emerging Market Indices While emerging stock markets can be defined in various ways, the Index definition of emerging stock markets refers to the stock markets in any developing economy, no matter how well-developed the stock market itself may be, with the implication that the stock market s potential to emerge further is strongly linked to the economy s overall development potential. Therefore, all stock markets in developing economies, including low-income and middle-income economies as defined by the World Bank, are considered emerging for purposes of BNY Mellon Emerging Markets ADR Index.

6 Administration and Procedures Manual 4 Additionally, countries classified by the World Bank as high income may be considered emerging by BNY Mellon DR Indices. Factors considered, but not limited to, in such a determination are the country s economic development, overall market size and liquidity. South Korea and Taiwan are two examples country s that the World Bank classifies as high income but are considered emerging by BNY Mellon DR Indices. Additional indices may be established at a later date, as determined by the ADR Index Committee. VI. Maintenance Policy and Corporate Actions Index maintenance includes monitoring and implementing the adjustments for company additions and deletions, share changes, stock splits, stock dividends, and stock price adjustments due to company restructurings, spin-offs, or other corporate actions. Some corporate actions, such as stock splits and stock dividends, require simple changes in the common shares outstanding and the stock prices of the companies in the Index. Other corporate actions, such as share issuances, change the aggregate free-float adjusted market capitalization of the Index and, therefore, require an index divisor adjustment as well. To avoid Index discontinuity due to adjusting for corporate actions, offsetting Index divisor adjustments are ordinarily made. By adjusting the Index divisor for the changes in the aggregate free-float adjusted market capitalization of the Index arising from one or more corporate actions affecting component stocks, the value of the Index and all related indices remains constant. This helps keep the value of the Index and all related indices accurate as a barometer of stock market performance and ensures that the movements of the Index and all related indices will not be improperly affected by corporate actions in the component stocks. Divisor adjustments are ordinarily made prior to the opening of trading on the day of effectiveness of such corporate actions. The Calculation Agent will supply to the ADR Index Administrator after the close of business of every trading day, a data file that reflects that day s current Index constituent data and the Index divisor, as well as, the next day s information. Calculation Agent The Calculation Agent for the Indices is S&P Dow Jones Indices. Accordingly, they will compile, calculate, maintain and disseminate the values of the indices on behalf of BNY Mellon. Simple adjustments Simple adjustments resulting from stock splits, stock dividends, name changes, and ADR ratio changes, which require no adjustment to the index divisor, will be implemented by the Calculation Agent prior to the opening of trading on the effective date as those corporate actions occur. Divisor Adjustments Corporate actions that require divisor adjustments will be evaluated by the Calculation Agent based on the best information available to it, and the Calculation Agent will determine and implement such changes prior to the opening of trading on the effective date.

7 Administration and Procedures Manual 5 Changes in Shares Outstanding and Capital Adjustments Share information utilized in the calculation of the Indices will be provided by the Calculation Agent. The number of shares used in the Index calculation generally represents the entire class(es) or series of shares that trade in the local market and also trade in the form of Depositary Receipts, New York Shares, or Global Registered Shares in the United States and United Kingdom. These shares are adjusted by the DR ratio and then S&P Dow Jones Indices IWF is applied. Once a quarter, ordinarily after the third Friday of March, June, September, and December the shares of the companies in the Index will be updated by the Calculation Agent. Determining the most updated number of common shares outstanding for the companies in the Index is one of the most important Index maintenance functions. Shares outstanding are constantly changing. BNY Mellon has adopted a policy that share changes of <5% will normally be made effective in the Index on a quarterly basis. After the receipt and review of Index constituent share capital from the sources used by BNY Mellon, the changes are incorporated. A constituent company s share capital will be updated prior to the opening of trading on the effective date of the corporate action in response to developments that affect the outstanding shares by > 5%. Rights Offering In a Rights offering, the company offers existing shareholders the right to purchase new shares. A rights offering results in a capital inflow and increases both the number of shares outstanding and the market capitalization of the company. (On the ex-date, the number of shares is changed if the subscription price is equal to or less than the price of the security, and the Index divisor is adjusted as required). Stock Dividends Stock dividends are simply accounting transactions. No funds flow into or out of the company, and total market value remains unchanged. Therefore, the weight of the company in the Index remains unchanged. (On the ex-date, the number of shares is changed, but no Index divisor adjustment is necessary). Stock Splits and Reverse Splits Stock splits and reverse splits are the splitting or recoupment of the number of shares outstanding without any change in the shareholders equity. No funds flow into or out of the company and total market value remains unchanged. Therefore, the weight of the company in the Index remains unchanged. (On the ex-date, the number of shares is changed, but no Index divisor adjustment is necessary). Spin-offs A spin-off is the distribution to existing shareholders of a part of the company s business through the issuance of shares in the newly established company. (On the ex-date there is no change in the number of shares outstanding to the existing company. A downward price adjustment is calculated to reflect the reduction in market value of the existing company, and the Index divisor is adjusted as required.).

8 Administration and Procedures Manual 6 Tender offers Because of the unique nature of each tender offer, each event will be reviewed on a case by case basis with the intention to remove the constituent being acquired from the index prior to when it ceases to trade. Criteria for evaluation of removal of the component as of the announced effective are; announcement that the tender offer is mandatory and/or reasonable evidence that a significant amount of the underlying shares have been tendered or a higher percentage than any stated conditions of the offer where applicable. Alternatively the component may still be removed if there is no reasonable evidence that the tender offer will be accepted if either the DR exchange or primary local exchange announces the delisting of the company s shares. Dividends The net dividend amount as quoted by the exchange on which the depositary receipt trades will be used in the total return calculation. If no net amount is stated but a tax rate is quoted then the dividend applied will be the gross amount quoted less the tax quoted by the exchange. If no tax rate is quoted by the exchange but the exchange states that the dividend is subject to withholding or any language similar then the tax rate stated by the Calculation Agent s withholding tax rates table will be applied to the gross rate based on the country of the depositary receipt issuer. If the exchange publishes the dividend as free of withholding tax then the gross rate will be applied to the index. All dividends may be subject to fees in addition to the stated tax rates, if the exchange quotes the specific fee then it will be removed from the net of tax amount. The Calculation Agents withholding tax rates table can be found at Reasonable Adjustments Notwithstanding any other Index rules, we may exercise reasonable judgment with respect to inclusion or removal of Index components to more accurately reflect the investable ADR universe. Constituent Changes Additions A new eligible security, regardless of size, becomes available for inclusion in the Index upon listing on the New York Stock Exchange, NYSE MKT, or NASDAQ. New eligible securities will generally be added to the Index on a quarterly basis, prior to the opening of trading following the third Friday of March, June, September, and December of each calendar year if they do not have a period of 10 consecutive days trading. Nonetheless, BNY Mellon reserves the right to add a new ADR before the end of the quarter if it deems it appropriate in representing the investable ADR universe. An ADR will be considered for inclusion if the company s adjusted free-float market capitalization is greater than the sum of the adjusted free-float market capitalization of the bottom 20% of the constituents. A new eligible security that is acquiring another Index constituent and establishing an ADR program the day after the target ADR stops trading, will ordinarily be included in the Index immediately as a stock replacement.

9 Administration and Procedures Manual 7 If an existing constituent spins off a part of its business, issues new equity to the existing shareholders, and establishes a new Depositary Receipt program for the new company, then the new company will be eligible for immediate inclusion in the Index. Deletions Constituents will be deleted if they lack reasonable liquidity defined as trading at least once in any 10-day period on their primary U.S. exchange. Constituents may be deleted from the Index due to its merger, acquisition by another company, or restructuring upon the effective delisting date or sooner. Constituents may be deleted due to sudden financial distress or bankruptcy. Sudden financial distress can be reasonably be ascertained if the security has been suspended from trading on the primary listed exchange and a public announcement to delist from the primary exchange either voluntary or involuntary, or halt/suspension in trading due to a regulatory action/investigation and the expectation that the security will be delisted. In the case of suspension and delisting the constituent will be removed immediately, in the case of a trading halt a minimum of 10 days trading must be observed unless the security is delisted within that time period. In all cases of financial distress the constituent will be removed at the price of $ Frequency of Review BNY Mellon ADR Index and sub-indices, including select indices are reviewed on a quarterly basis. Quarterly index changes are effective at the open of the next trading day following the third Friday of March, June, September and December and we will provide to licensees at least two days advanced notice of quarterly changes via ftp site. VII. Index Calculations/Data Correction Frequency The Index is ordinarily calculated every business day on which the U.S. stock exchanges are open for trading, regardless of regular trading in local markets. The Index, on a price only basis, along with all indices are calculated on a real time basis (i.e., with updated values ordinarily published every fifteen seconds). Total returns will be calculated at least once per day. Price and Total Return The Index and additional indices are calculated on a price only and total rate of return basis. Total return calculations adhere to the standard methodology of the Calculation Agent. Pursuant to this methodology, all dividends are reinvested as of the ex-dividend date, using the ex-dividend amount per share.

10 Administration and Procedures Manual 8 Calculations The Index is a capitalization-weighted Index, using an Index formula based upon the aggregate of prices times share quantities adjusted for free-float. Standard Index algorithms are used for the calculation and are available upon request from the Calculation Agent. Data Correction BNY Mellon makes every effort to ensure the accuracy of the information used for Index calculation. However, an Index error may occur due to incorrect or missing data, including trading prices, shares outstanding and corporate actions, due to operational errors or other reasons. Intraday Reasonable efforts are employed to prevent erroneous data from affecting the indices. Corrections will be made for bad prices and incorrect or missing corporate actions as soon as possible after detection. Since the indices are calculated on a real-time basis, an incorrect Index value tick will not be fixed retroactively. Incorrect daily high/low Index values will be corrected as soon as practicable. Index Related Data and Divisor Corrections Incorrect pricing and corporate action data for individual issues in the database will be corrected upon detection. In addition, an incorrect divisor of an Index, if discovered within five days of its occurrence, will always be fixed on the day it is discovered to prevent an error from being carried forward. If a divisor error is discovered more than five days after occurrence, the adjustment will depend upon how significant the error is, how far back the error occurred and the feasibility of performing the adjustment. VIII. Dissemination of BNY Mellon DR Indices Data The Index data is available on a real time basis to Distribution Agents as determined by our Calculation Agent, which also act as distribution agents for our Calculation Agent. Accordingly, it is anticipated that the Index data will be available via major worldwide market data vendor networks and other print and electronic information media vendors.

11 Administration and Procedures Manual 9 IX. ADR Index Committee The ADR Index Committee will meet quarterly at Scheduled Index Meetings (SIMs) in January, April, July, and October of each calendar year. Committee meetings can be held via conference call, provided agenda and Index database summary information (including proposed and reported adjustments) are distributed to committee members in advance. The ADR Index Committee is comprised of four non-interested members and at least six interested members.

12 Administration and Procedures Manual 10 Appendix A: Select Indices A. Eligible Securities To be eligible for initial inclusion in the select indices, a security must be a member of the ADR Index. In addition, the following criteria are applied: Minimum $100,000 3 month average daily USD trading volume on the primary exchange of the ADR and $1,000,000 minimum 3 month average daily USD trading volume in the combined global markets. Combined global market includes ADR volume in the US, including the primary exchange and volume from the local ordinary share for which the ADR represents. Free-float adjusted market capitalization greater than or equal to $250 million, with the exception of the China Xai Yi Dai which has a minimum free-float adjusted market capitalization of $100 million.* Passive Foreign Investment Companies (PFIC) are excluded based upon the best information available. * The Small Cap Select ADR Index has an initial free-float adjusted market capitalization inclusion range of $250 million to $2 billion. Afterwards, the securities must have a freefloat adjusted market capitalization of at least $200 million and no more than $3 billion at the Quarterly Ranking Review process referred to below. B. Select Indices Market Indices Select market indices currently consist of the following markets: International 100 Emerging 50 Developed 100 Regional Indices Select regional indices currently consist of the following regions: Europe 100 Latin America 35 Asia 50 Euro-Pacific BRIC Lat Am Balanced Country Indices Select country indices currently consist of the following countries: China Select China Xai Yi Dai Market Size Indices Select market size indices currently consist of the following sizes: Small Cap Select

13 Administration and Procedures Manual 11 C. Maintenance Policy for Fixed Constituent Indices Component securities of the select indices are reviewed quarterly (such review is referred to herein as the Quarterly Ranking Review ). Securities that are constituents of the Index and meet the selection criteria in Section A. above are eligible for initial inclusion in the select indices. During the Quarterly Ranking Review, current members of the select indices are retained provided that, in addition to continuing to meet all the initial eligibility requirements above, the free-float market capitalization of the smallest current member is no more than 5% lower than that of the largest eligible non-member. Otherwise, the smallest current member will be replaced by the largest eligible nonmember based on the most recent quarterly review selection list. The process continues with the 2 nd smallest current member compared to the second largest eligible nonmember, and so on thereafter. Moreover, if at any time during the period, a select index member is dropped from the composite Index, the security will be replaced by the largest eligible non-member. From time to time, the number of eligible constituents available for inclusion in the Select Indices may fall below the fixed numbers stated in the Select Indices as described in this Appendix A. In this case, the relevant Select Indices will only contain all the eligible constituents that meet the criteria as described in this Appendix A: Select Indices, A. Eligible Securities. Select Indices that do not have a fixed number of components are denoted by above in this Appendix. D. Rebalancing Procedures 1. Traditional Select BNY Mellon ADR Select Indices are designed slightly differently than all the other Indices. Specifically, whereas all Indices are free-float adjusted market capitalization, the select indices are subject to periodic rebalancing procedures as described below. All BNY Mellon Select Indices in this appendix use this weighting methodology unless otherwise stated. Each select index is subject to a quarterly rebalancing in accordance with the following asset diversification requirements: (a) the percent weight of the aggregate Index freefloat adjusted market capitalization (i.e., Index weight ) represented by any individual Index component stock may not exceed 23.0 percent, and (b) with respect to 55.0 percent of the aggregate Index free-float adjusted market capitalization, the Index weights of the component stocks must be diversified so that no single Index component stock exceeds 4.5 percent. If one or more Index component stocks exceed either or both of the maximum allowable limits set forth above, the Index weight(s) of such Index component stock(s) will be reduced and redistributed across the remaining Index component stocks that do not exceed the limits as a result of applying the following procedures:

14 Administration and Procedures Manual 12 First, if at least one component stock has an Index weight greater than 23.0 percent, then each such component stock whose Index weight exceeds 20.0 percent of the aggregate Index free-float adjusted market capitalization will be reduced to 20.0 percent and the aggregate reduction amount will be redistributed equally across all remaining component stocks with lower Index weights. If, after this redistribution, the Index weights of any other Index component stocks exceed 20.0 percent, such Index weights will be reduced to 20.0 percent and the aggregate reduction amount will be redistributed equally across all remaining component stocks with lower Index weights. The redistribution will be repeated as necessary in order to ensure the result that no Index component stock upon rebalancing in this first step has an Index weight greater than 20.0 percent. Second, with respect only to the 55.0 percent of the aggregate Index free-float adjusted market capitalization accounted for by the lowest weighted Index component stocks, if at least one component stock has an Index weight greater than 4.5 percent, then each such component stock whose Index weight exceeds 4.0 percent of the aggregate Index freefloat adjusted market capitalization will be reduced to 4.0 percent and the aggregate reduction amount will be redistributed equally across all remaining component stocks with lower Index weights. If, after this redistribution the Index weights of any other component stocks exceed 4.0 percent, such Index weights will be reduced to 4.0 percent, and the aggregate reduction amount will be redistributed equally across all remaining component stocks with lower Index weights. The redistribution will be repeated as necessary in order to ensure the result that no stock upon rebalancing in this second step has an Index weight greater than 4.0 percent. As a result of this procedure, the rank order of Index component stocks by their rebalanced Index weights will be retained in relation to such order before the rebalancing. For most reviews the Traditional RIC rules will be applied to the current component weights holding the consistency from the previous quarterly review but BNY Mellon reserves the right to apply the Traditional RIC rules to the components float weighted market capitalization to avoid weight drift among the index components. 2. Alternative RIC BNY Mellon China Select ADR Index differs from our other Select Indices by the way that the weight is distributed proportionally from the largest components to the smallest components. The China Select ADR Index is subject to a quarterly rebalances where the aggregate component weight will be distributed using an algorithm developed by Dow Jones Indexes, this algorithm will re-distribute the index weight among each component proportional to the next largest component based on its un-weighted market capitalization until the sum of components whose weight is greater than or equal to 4.5% of the total index market capitalization is as close to but not greater than 45%. Accordingly no one component s weight can be greater than 20% of the total index market capitalization. Once the rebalanced Index weight of each component stock is so determined, such new Index weights will be multiplied by the aggregate Index free-float adjusted market capitalization and divided by the closing price of each Index component stock in order to arrive at rebalanced Index share quantities.

15 Administration and Procedures Manual Equal Weight BNY Mellon Euro-Pacific Select ADR Index is weighted based on an equal weighted strategy whereby each component is given the same weight in the index at the quarterly index rebalancing. 4. Cap Weight Scheme The BNY Mellon Lat Am Balanced ADR Index seeks to limit the dominance country by imposing a 45% cap on the total weight all the constituents of any country within the Latin America Region. The weight cap will be applied to maintain the structure and proportionality of the constituent weights within the country that is being capped and the excess weight from that country will be distributed equally to the other index constituents. Chiefly the index weights will be rebalanced quarterly and the 45% cap will be applied to the new free float market capitalization at the time of review. If necessary, BNY Mellon reserves the right to apply the traditional select, alternative RIC, equal weight and cap weighting scheme rebalancing procedure at any time that is deemed necessary to ensure a well-diversified Index. BNY Mellon reserves the right to modify the rebalancing methodology in the future, but such modification is not currently anticipated. E. Review Frequency BNY Mellon Select ADR Indices will be reviewed quarterly and all changes will be implemented at the open of the first trading day following the third Friday in March, June, September and December. BNY Mellon will give licensees at least two trading day advanced notice of quarterly review changes via ftp.

16 Administration and Procedures Manual 14 BNY Mellon is a corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole or its various subsidiaries. BNY Mellon and BNY Mellon ADR Index are service marks owned by The Bank of New York Mellon Corporation. This information is provided for general purposes only and is not investment advice. We provide no advice nor recommendations or endorsement with respect to any company, security or products based on any index licensed by BNY Mellon. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of offer to buy securities. Depositary Receipts: NOT FDIC, STATE, OR FEDERAL AGENCY GUARANTEE. BNY Mellon s Depositary Receipt business is conducted through BNY Mellon. BNY Mellon does not guarantee the accuracy, timeliness and/or completeness of BNY Mellon ADR Index, or any associated indices, or any data included therein, and BNY Mellon shall have no liability for any errors, omissions, or interruptions therein. BNY Mellon makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to BNY Mellon ADR Index or any associated indices, or any data included therein, or any materials derived from such data. We do not undertake any obligation to update or amend this information or data. Without limiting any of the foregoing, in no event shall the company have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. Member FDIC, Members FDIC The Bank of New York Mellon Corporation. All rights reserved.